The company’s $646.5 million in Adjusted Property EBITDAR topped the previous quarterly record set by Q4 2023’s $630.4 million and came in at an increase of $216.8 million compared to the same metric for the first quarter of 2023.
Wynn Resorts (Wynn) continued to report strong momentum when it announced its financial results for the first quarter of 2024 on Tuesday.
2023 was a year of growth for the company that saw new all-time highs in adjusted property EBITDAR, and the combination of the Super Bowl and Chinese New Year during the first quarter helped only build on that success.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record,” said CEO Craig Billings. “The investments we have made in our properties, our team, and our unique programming continue to extend our leadership position in each of our markets.”
Overall, Wynn booked $1.86 billion in operating revenues for the first quarter, a nice increase of $439.2 million from Q1 2023’s $1.42 billion. Several key properties saw performance spikes during Q1 as well, with Wynn Palace, Wynn Macau, the company’s Las Vegas Operations, and Encore Boston Harbor all achieving year-over-year growth in revenue and adjusted property EBITDAR.
Strong Casino Operations
The Wynn brand is notably recognized for its casino experiences, with a particularly strong presence in the global gaming hubs of Macau and Las Vegas.
The Macau operations saw sizable improvement year-over-year. Wynn Palace boosted its operating revenue by $217.5 million while Wynn Macau’s revenue increased by $181 million. Adjusted Property EBITDAR was a standout metric across the board in the company’s Q1 2024 performance, and the Macau locations saw increases of $91.3 million and $92.4 million respectively in this statistic.
Wynn Palace and Wynn Macau combined for $998.6 million in total operating revenues in the first quarter and $339.6 million in adjusted property EBITDAR.
The company’s Las Vegas operations hauled in $636.5 million for the first quarter, improving quarterly revenue by $49.8 million year-over-year.
Overall, Wynn’s casino business accounted for 60% of its total Q1 2024 revenue with $1.12 billion across all of its assets.
New Developments
The company is looking all across the globe for additional growth opportunities.
A lot of investment and focus are being paid to Wynn Al Marjan Island in the UAE, and Billings is confident that the resort “will be a ‘must see’ tourism destination.” Billings also said on the company’s earnings conference call that “construction is rapidly advancing” on the fourth floor of the hotel tower.
New York is a major goal for the operator, as Billings said “We believe a full-scale Wynn integrated resort in Hudson Yards will drive meaningful incremental tax revenue, tourism, and employment in the state.” Development for this potential project is still in the RFA submission process.
A category the company is NOT focusing much of its attention on is the legal sports betting industry in the US. It’s actually quite the opposite considering Wynn decided to pull the plug on the WynnBet online sports betting site in most of the markets it was live in. PENN Entertainment purchased Wynn’s New York sports betting license in February. After its withdrawals from the Massachusetts sports betting market, WynnBet is now only live in Nevada.
